BlockBeats News, on January 26th, Ki Young Ju, CEO of CryptoQuant, shared that ‘I believe we are currently in the early distribution stage as new retail investors enter the market. Trump’s global promotion effect may prolong this bull market for several quarters. The typical BTC distribution pattern: retail investor → Whale. The distribution pattern of this cycle: retail investor (OG) + Whale (OG) → retail investor (ETF, MSTR) + Whale (institution). OG’s activities will leave traces through on-chain behavior and cryptocurrency exchanges, while paper BTC (such as ETFs, corporate stocks) will leave on-chain records through hosted wallets during settlement. The final stage of distribution: retail investor (OG) + Whale (OG) + Whale (institution) → retail investor (ETF, MSTR). I expect this to happen within this year, so I think it is not necessary to turn bearish too early.’
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